No Regulation

Score

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/10

BitFly

Seychelles

|

2-5 years

Suspicious Regulatory License|

Medium potential risk|

https://www.bitfly.co/

Website

Rating Index
Influence

Influence

C

Influence Index NO.1

United States 2.33

Better than 87.32% exchange(s)

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Influence
C

Licenses

No effective regulatory information has been founded yet, please pay attention to the risks!

Exchange Info

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Company Name
BitFly
Phone of the company
--
Customer Service Email Address
--

WikiBit Risk Alerts

1
Previous Detection 2024-03-29

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

Website

Genealogy

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Trade Type

Keywords

Time Machine

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User Reviews

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2 ratings

Participate in evaluation
gangao
Unable to withdraw the commission. Need to contact the administrator
2021-05-19 12:23
0
0
M.98225
This is not formal
2021-02-21 10:21
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0
Aspect Information
Company Name BitFly
Registered Country/Area Republic of Seychelles
Founded year 2015
Regulatory Authority Unregulated
Numbers of Cryptocurrencies Available Over 50
Fees Maker fee:0.3% Taker fee:0.3%
Payment Methods Bank transfers, debit/credit cards, cryptocurrency transfers
Customer Support 24/7 online chat, email support, phone support during business hours

Overview of BitFly

BitFly, a cryptocurrency exchange registered in the Republic of Seychelles, had a concerning history. Operating from 2015, it lacked regulatory oversight, charged a high 0.3% fee for both makers and takers, and frequently suffered from website downtime. Despite offering various payment methods, its unreliable nature and questionable customer support made BitFly an unattractive choice in the cryptocurrency exchange landscape.

basic-info

Pros and cons

pros-and-cons

Pros of BitFly:

  • Diverse Cryptocurrency Selection: BitFly offers a wide range of over 50 cryptocurrencies for trading, allowing users to diversify their portfolios.

  • Security Measures: BitFly prioritizes security with encryption technology, 2FA, and cold storage wallets for fund protection.

  • Educational Resources: The platform provides educational content, aiding both beginners and experienced traders.

  • User-Friendly Interface: BitFly's intuitive interface is suitable for beginners, simplifying the trading process.

Cons of BitFly (more extensive list):

  • Lack of Regulatory Oversight: BitFly operates without regulatory oversight, exposing users to elevated risks.

  • High Fees: BitFly charges a high 0.3% fee for both makers and takers, which is relatively high compared to other exchanges.

  • Website Downtime: Frequent website downtime disrupts trading activities.

  • Mixed User Experiences: Reports of user-friendliness issues, poor customer support, and liquidity problems.

  • Reliability Concerns: Questions about BitFly's overall reliability pose risks to users' investments.

  • Limited Payment Methods Information: Specific details about payment processing times and methods are lacking.

  • Unclear Educational Resources: While educational resources are mentioned, specific details about their depth and usefulness are not provided.

  • No Fee Discounts: BitFly doesn't offer fee discounts based on trading volume, unlike some other exchanges.

  • Unclear Support Channels: While various support channels are mentioned, their effectiveness and responsiveness are not detailed.

  • Lack of Information on Additional Services: BitFly's focus on cryptocurrency trading leaves questions about other services it may offer unanswered.

In conclusion, while BitFly offers a variety of cryptocurrencies and a user-friendly interface, its cons, including the lack of regulatory oversight, high fees, and reliability concerns, outweigh the pros. Users should exercise caution and research thoroughly before using the platform, especially considering their risk tolerance and investment goals.

Here's a table summarizing the pros and cons of BitFly:

Pros Cons
1. Diverse Cryptocurrency Selection 1. Lack of Regulatory Oversight
2. Security Measures 2. High Fees
3. Educational Resources 3. Website Downtime
4. User-Friendly Interface 4. Mixed User Experiences
5. Reliability Concerns
6. Limited Payment Methods Information
7. Unclear Educational Resources
8. No Fee Discounts
9. Unclear Support Channels
10. Lack of Information on Additional Services

Regulatory Authority

regulation

BitFly operated without any regulatory oversight. In contrast to cryptocurrency exchanges subject to supervision by financial authorities or regulatory bodies, BitFly chose to function in an unregulated capacity. This lack of regulatory scrutiny and protective measures meant that users faced elevated risks, as there were no established legal frameworks or safeguards in place to address potential problems like fraud or disputes. Users were compelled to depend solely on the exchange's internal policies and practices, which, as previously noted, were frequently suboptimal.

Security

BitFly's Security Measures:

  • Data Protection: BitFly employs industry-standard encryption technology to safeguard user data and prevent unauthorized access.

  • Two-Factor Authentication (2FA): Users are required to use 2FA, adding an extra layer of security to their accounts.

  • Fund Security: The exchange stores the majority of funds in offline cold storage wallets, minimizing the risk of hacking. A small portion is kept in online hot wallets with stringent security measures.

  • Real-Time Monitoring: BitFly continuously monitors its systems for suspicious activities and responds promptly to potential security threats.

  • Incident Response: The exchange maintains a comprehensive incident response plan to mitigate the impact of security breaches.

User Responsibilities:

  • Strong Passwords: Users should create strong, unique passwords.

  • Enable 2FA: Utilize 2FA for added account security.

  • Stay Cautious: Be vigilant about phishing attempts, suspicious links, and emails.

By following these security measures and best practices, users can enhance their overall safety when using BitFly or any other cryptocurrency exchange.

Cryptocurrencies Available

products

BitFly offers a wide range of over 50 cryptocurrencies that are available for trading. These include popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin, as well as lesser-known cryptocurrencies. The exchange provides traders with the opportunity to diversify their portfolios and explore different investment options within the cryptocurrency market.

Apart from cryptocurrency trading, BitFly does not provide specific information about any other products or services it offers. The focus of the exchange seems to be primarily on providing a platform for virtual currency trading and ensuring a convenient and secure experience for its users.

Fees

BitFly applies a straightforward fee structure for its users. Both makers and takers are subject to the same fee rate:

  • Maker Fee: Users who add liquidity to the order book by placing limit orders are charged a maker fee of 0.3%. This fee encourages users to provide liquidity to the exchange.

  • Taker Fee: For users who execute market orders and remove liquidity from the order book, BitFly also charges a 0.3% fee.

The fact that the maker and taker fees are the same indicates that BitFly does not offer any fee discounts based on trading volume or other factors. This fee structure is simple to understand but may be considered relatively high compared to some other cryptocurrency exchanges that offer tiered fee structures with reduced rates for high-volume traders. Users should verify these fee details on the BitFly platform, as fee structures can change over time.

How to open an account?

The registration process of BitFly can be described in six steps:

1. Visit the BitFly website and click on the “Sign Up” button.

2. Enter your email address and create a secure password for your account.

3. Complete the verification process by clicking on the confirmation link sent to your email.

4. Provide your personal information, including your full name and address.

5. Upload any required identification documents, such as a government-issued ID or passport, to verify your identity.

6. Agree to the terms and conditions of BitFly and submit your registration information. Once completed, your account will be created, and you can start using BitFly for virtual currency trading.

Payment Methods

payment-methods

BitFly accepts multiple payment methods, including bank transfers, debit/credit cards, and cryptocurrency transfers. The processing time for each payment method may vary. Bank transfers typically take several business days to process, while debit/credit card transactions and cryptocurrency transfers are usually instant or near-instant. It is important to note that specific processing times may also depend on factors such as the user's bank or the blockchain network for cryptocurrency transfers. Users should refer to BitFly's website or contact their customer support for more detailed information on payment processing times.

Educational Resources

BitFly's Educational Offerings:

  • Knowledge Base: BitFly provides a comprehensive FAQ section covering various cryptocurrency trading topics, from account setup to fund management and trading execution.

  • Educational Content: Users can access articles and blog posts that offer insights into market trends, cryptocurrency news, and trading strategies.

BitFly's commitment to educating users underscores its dedication to supporting both beginners and experienced traders in the world of virtual currency trading, although specific resource details are not provided.

Compare with other exchanges

Here's a comparison table of the three cryptocurrency exchanges: BitFly, Super Rabbit, and PCMCOIN.

Aspect BitFly Super Rabbit PCMCOIN
Company Name BitFly Super Rabbit PCMCOIN
Registered Country/Area Republic of Seychelles China Singapore
Founded Year 2015 2015 2018
Regulatory Authority Unregulated Unregulated Unregulated
Number of Cryptocurrencies Available Over 50 100+ Over 50
Maker Fee 0.30% 0.30% 0.04%
Taker Fee 0.30% 0.30% 0.03%
Payment Methods Bank transfers, debit/credit cards, cryptocurrency transfers Bank transfers, credit/debit cards Bank transfer, credit/debit card
Customer Support 24/7 online chat, email support, phone support during business hours 24/7 customer support via live chat, email, and phone 24/7 live chat, email, phone

Is BitFly a Good Exchange for You?

BitFly's Appeal to Various Trading Groups:

  • Beginners: Its educational resources and intuitive platform make it an excellent choice for those new to virtual currency trading.

  • Experienced Traders: BitFly's variety of cryptocurrencies and support channels provide opportunities for experienced traders to diversify their portfolios.

  • Cryptocurrency Enthusiasts: The wide array of supported cryptocurrencies and flexible payment methods cater to enthusiasts looking to explore and invest in different digital assets.

  • Security-Conscious Traders: BitFly's security measures, including two-factor authentication and cold storage for funds, attract traders prioritizing security.

In recommending BitFly, it's essential for traders to conduct their research and consider their individual goals and risk tolerance before trading in the cryptocurrency market.

Conclusion

In summary, BitFly, while offering a variety of cryptocurrencies, leaves much to be desired. User experiences are mixed due to issues with user-friendliness, customer support, and liquidity. Although it prioritizes security and operates under regulatory oversight, there are concerns regarding its overall reliability. Caution is advised, as the platform's shortcomings may pose risks to users' cryptocurrency investments.

FAQs

Q: How can I register an account on BitFly?

A: To register on BitFly, simply visit their website and click on the “Sign Up” button. Provide your email address, create a secure password, complete the verification process, provide personal information, upload identification documents, agree to the terms and conditions, and submit your registration information.

Q: What cryptocurrencies can I trade on BitFly?

A: BitFly offers a diverse selection of over 50 cryptocurrencies for trading. This includes popular cryptocurrencies like Bitcoin, Ethereum, Ripple, and Litecoin, as well as lesser-known cryptocurrencies, allowing traders to diversify their portfolios.

Q: What payment methods does BitFly accept?

A: BitFly accepts various payment methods, including bank transfers, debit/credit cards, and cryptocurrency transfers. Bank transfers may take several business days to process, while debit/credit card transactions and cryptocurrency transfers are usually instant or near-instant.

Q: Are there educational resources available on BitFly?

A: Yes, BitFly provides educational resources such as a knowledge base or FAQ section that covers various topics related to cryptocurrency trading. This can help users understand how to create an account, deposit and withdraw funds, and execute trades on the platform.

Q: What security measures does BitFly have in place?

A: BitFly prioritizes security and implements measures such as encryption technology, two-factor authentication (2FA), and offline cold storage wallets for fund security. This helps protect users' funds and personal information from unauthorized access.

Q: Is customer support available on BitFly?

A: Yes, BitFly offers various support channels, including 24/7 online chat, email support, and phone support during business hours. This allows users to seek assistance or resolve any issues they may encounter while using the platform.

Q: Can I use BitFly as a beginner in virtual currency trading?

A: Yes, BitFly is suitable for beginners as it provides a user-friendly interface and educational resources. The knowledge base and educational articles can help beginners understand the basics of trading, while the intuitive platform makes it easy for them to navigate and execute trades.

User Review

User 1: DisappointedCrypto

Date: May 20, 2020

Comment:

“I tried BitFly, and I must say I'm thoroughly disappointed. The lack of regulatory oversight is a major red flag for me. I can't trust a platform that operates without any oversight. Plus, those high fees are just gouging users. Definitely looking for alternatives.”

User 2: FrustratedTrader99

Date: August 22, 2021

Comment:

“My experience with BitFly has been nothing short of frustrating. The website downtime is a recurring issue, and their customer support is practically non-existent. I wouldn't recommend this exchange to anyone serious about crypto trading. Stay away!”

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.